The average American saves very little. In fact, we typically save less than five percent of our income and, at various times throughout history; we have actually dissaved, or spent more than we made in income. Many of us just do not know how to save, but there are little things that we can do that can help us put aside money for an emergency fund, retirement, a vacation, or any number of reasons.

• Keep track of all of your spending. Check your credit cards, debit cards, and bank accounts at least once each month to see where your money is going. You may find something that you can eliminate. You may also find a few dollars extra to put into a savings fund.
• Use credit cards wisely. Use them like cash. If you do not have the money to pay them off at the end of the month, do not make the purchase. It will save you bundles in interest payments, and it will help your credit score.
• Use a savings app. There are plenty of apps available that allow you to save virtually any amount. Some of them even pool your savings and invest it for you. Whether it is $5 or $5,000, it is still savings.
• Make your own coffee and bring your lunch to work. You can save roughly $15 per day ($450 a month) just by doing this. Imagine an extra $450 at the end of each month. You can quickly build an emergency fund or set aside money for retirement.
• Make all of your credit card payments on time. Paying late fees and interest should always be avoided. If you have large amounts of credit card debt, consider consolidating. If you own a vehicle that is paid off, consider a car title loan from Embassy Loans that will help you reduce your debt. Lowering your debt by $1,000 will likely save you $150 to $200 per year.
• Shop for new insurance policies on your homeowner’s and auto insurance policies each year. Before you renew, see what is available. You can also consider raising deductibles. If you are willing to pay $500 instead of $100 on an auto claim, you may be able to reduce your annual premiums by several hundred dollars.
• One of a homeowner’s biggest expenses is energy. Have your electric and gas company come to your home for a free or low-cost energy audit. Weatherproof your home by caulking any holes or cracks that let warm air escape in the winter and cool air escape in the summer. Adding extra insulation can also help save on your monthly energy costs.

These are just a few of the many ways that you can save money each day, month, and year. Putting any of these into effect can help you to generate extra money each month.  Looking for more?  Give Embassy Loans a call for some helpful advice.